Aucklanders' 16-year savings slog for house deposit: REINZ research
...save for 832 weeks, exactly 16 years, in order to have a $134,000 deposit for that property," REINZ said this morning.
...Wellingtonians face a more positive situation with it taking 159 weeks (just over three years) to save the $82,000 deposit for a lower-quartile house priced around the $410,000 mark," REINZ said.
Hold on, so in Auckland their hypothetical "Average" person can save $8,375 per year, but in Wellington they can save $26,800? That cannot be correct. Especially with recent data showing Wellington rents are equivalent to Auckland's.
Anyone with any insights?
Comment